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 A Waqf through your Will

Waqf Al Wasiyyah - Up to 1/3

Upon the approval of the Noble Prophet (s), Islamic Shari’ah allows you to bequeath up to 1/3 of your estate through your will to non Qur’anic heirs and worthwhile charitable causes as a legacy or a waqf. The other 2/3 is reserved for Qur’anic heirs whose shares are fixed. For the 1/3 portion, there is complete freedom in choosing your beneficiary, provided, of course, that the purpose be shari’ah compliant and that it does not impoverish your Qur’anic heirs. 

Awqaf SA provides you with the opportunity to make a waqf through your will (Waqf al Wasiyyah) and, as an option,  to administer that waqf on your behalf. The bequest may take the form of cash, property, share investments, jewelry, or any other asset. You may make a designated or discretionary waqf, and may stipulate any special conditions in the will.  For example, the bequest may be made for a masjid, madressah, literature, school, classroom,  library books,  elders home, widows home, clinics, etc. As the waqif (waqf donor), you may appoint a waqf mutawallee (trustee) of your choice.

 

Sample Clauses

Sample Bequest Clause for a Discretionary Waqf

I bequeath   ……………………………………………………………………………………….

(Specify the bequest - asset or amount- in detail)

to the National Awqaf Foundation of South Africa (Awqaf SA) as a Waqf for the pleasure of Allah in terms of the Standard Waqfiyyah of Awqaf SA. In the event that this bequest exceeds the value of one-third of my estate at the time of my death, the said waqf shall be reduced to accordingly. 

 

Text Box: Estate Duty/ Taxation Position and Implications of a Waqf through your Will:   1.       Donations Tax: Donations to Awqaf SA are exempt from donations tax in terms of section 56(1) (h) of the Act. This rule applies in respect of lifetime or testamentary donations. 2.       Estate Duty: Bequests or accruals from estates of deceased persons in favour of Awqaf SA are exempt from the payment of estate duty in terms of section 4(h) of the Estate Duty Act, 45 of 1955. 3.       Capital Gains Tax: Assets donated to Awqaf SA are exempt from Capital Gains Tax  The above exemptions provide massive savings Example: Dutiable Estate Say R1million Less: Waqf to Awqaf SA SA  300000 Net Dutiable estate:       700000 Estate Duty: 140 000 Estate Duty saving on Waqf:         60 000 Donations tax saving on Waqf:   60 000  

Estate Duty & Tax Implications

 

 

 

 

Key Benefits

  • Long term financial planning
  • Allows Donor to give thought to passion project funding
  • Savings in Estate Duty
  • Reviving a sunnah

                                       

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                                                                  Email:                info@awqafsa.org.za 
                                                                  Telephone:         +27(0)11 - 8378669 / 4860635
                                                                  Fax 24/7:          +27(0)88011-8378669 Alt: 011-8341809
                                                                  Postal address:  P O Box 96415, Brixton.  2019
                                                                 
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Copyright © 2005 national awqaf foundation of south africa
 
 Last modified: 01/03/07